2019-11-14T13:40:16-06:00 2018-12-31 411647057 MAHONEYULBRICHCHRISTIANSEN & RUSS PA 10 RIVER PARK PLAZA SUITE 800 SAINT PAUL MN 55107 990 2018-01-01 510467167 LATINO ECONOMIC DEVELOPMENT CENTER LATI 6127245336 804 MARGARET STREET SAINT PAUL MN 55106 HENERY JIMENEZ EXECUTIVE DIRECTOR 6127245336 2019-11-08 1 ELIZABETH BARCHENGER P01270090 6512276695 2019-11-08 173.160.107.97 2019-11-08 09:37:37 CS P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 8FCC0AE5B5C62EA2E1ECCE65A8D774828604CBA2 2018 2020-03-31 21:24:44Z X HENRY JIMENEZ 804 MARGARET STREET SAINT PAUL MN 55106 1262782 0 X WWW.LEDC-MN.ORG X 2003 MN TO TRANSFORM OUR COMMUNITY BY CREATING ECONOMIC OPPORTUNITY FOR LATINOS. 11 11 13 15 0 0 2033974 724565 573805 525717 0 0 4356 330 2612135 1250612 0 0 0 0 740639 453017 0 0 59538 1909303 1439697 2649942 1892714 -37807 -642102 5930268 5409522 3573527 3582783 2356741 1826739 X TO TRANSFORM OUR COMMUNITY BY CREATING ECONOMIC OPPORTUNITY FOR LATINOS. 0 0 839726 324732 BUSINESS DEVELOPMENT - THROUGH ITS MONTHLY BUSINESS ORIENTATION SESSIONS, LEDC PROVIDED INFORMATION TO ENTREPRENEURS ON THE BASICS OF STARTING A BUSINESS FEASIBILITY STEPS, HOW LEDC CAN ASSIST IN THE PROCESS, AND THE BENEFITS OF BECOMING A MEMBER OF LEDC. THROUGH LEDC MICRO-ENTREPRENEUR TRAININGS, THERE IS A SESSION THAT PROVIDES INFORMATION ON HOW TO PREPARE FOR A BUSINESS LOAN EITHER THROUGH LEDC, A TRADITIONAL LENDER (I.E. A BANK), OR A NON-TRADITIONAL LENDER (I.E ANOTHER COMMUNITY DEVELOPMENT NON-PROFIT ORGANIZATION). OVER 900 HOURS OF TECHNICAL ASSISTANCE WERE PROVIDED TO START-UP AND EXISTING BUSINESSES IN TWIN CITIES AREA. LEDC CONTINUED PROVIDING SERVICES TO SMALL BUSINESSES IN MINNESOTA RURAL COMMUNITIES AND CONTINUED TO PROMOTE AGRICULTURAL FARM BUSINESS DEVELOPMENT AMONG IMMIGRANT VEGETABLE GROWERS AND LIVESTOCK SMALL PRODUCERS, PROVIDING SERVICES TO INDIVIDUAL LATINO FARMERS, FARMERS IN COOPERATIVES, AND PROSPECTIVE FARMERS. OVER 1,000 HOURS OF TECHNICAL ASSISTANCE WERE PROVIDED TO FARMERS AND STOCKMAN. LEDC ALSO WORKED TO SUPPORT A MULTICULTURAL AGRICULTURAL MARKETING COOPERATIVE WHICH INCLUDED (7) LATINO AND (1) NON-LATINO FARMERS WORKING TOGETHER TO POOL RESOURCES AND LAND ACCOUNTS THEY COULD NOT ACHIEVE ON THEIR OWN. LEDC EXPANDED ITS REACH INTO WESTERN MINNESOTA, WITH CLIENTS AS FAR AWAY AS BENSON, MORRIS AND WILLMAR. LEDC PROVIDED TECHNICAL ASSISTANCE TO 18 BUSINESSES AND 6 STARTUPS AND PROCESSED 15 LOANS. 196508 24673 EDUCATION AND TRAINING - LATINO ACADEMY TTOIC, A WORKFORCE TRAINING PROGRAM OF LEDC, EMPOWERS INDIVIDUALS BY COMBINING ADULT BASIC EDUCATION AND JOB READINESS. THE WORK AREAS OF THE CURRICULUM ARE: BUSINESS TRAINING, WORKFORCE DEVELOPMENT, GED PREPARATION, AND CERTIFICATIONS. THE LATINO ACADEMY TTOIC SERVED 131 CLIENTS, ASSISTED 11 INDIVIDUALS WITH WORKFORCE PLACEMENTS DIRECTLY WITH EMPLOYERS, CREATED 6 JOBS, 23 STUDENTS IN THE ESL PROGRAM, EDUCATED 65 STUDENTS IN THE GED PROGRAM AND 2 STUDENTS IN PRE-GED. THE TRAINING PROGRAM WORKED WITH 4 INDIVIDUALS WITH COMPUTER TRAINING, 13 INDIVIDUALS ATTENDED A SPEAKER SERIES AND 7 INDIVIDUALS ATTENDED THE MICRO ENTREPRENEURSHIP PROGRAM. 394252 176312 LENDING PROGRAMS - FOR 2018, 22 LOAN PACKAGES WERE APPROVED. 19 LOANS WERE CLOSED, TOTALING $706,000.00 DISBURSED BY LEDC. THE FUNDS FOR THESE LOANS CAME FROM LEDC'S LOAN POOL. 12 LOANS WERE PAID OFF. THROUGH PARTNERSHIPS, ADDITIONAL FUNDS WERE LEVERAGED FROM STATE PROGRAMS, LOCAL BANKS AND COMMUNITY LENDERS LIKE MCCD, WOMAN VENTURE, NDC, MINNEAPOLIS FOUNDATION, AND INITIATIVE FOUNDATION. FROM ITS CREATION TILL 12/31/18, LEDC HAS DISBURSED OVER $4.2 MILLION TO SUPPORT LATINO OWNED BUSINESSES. 1430486 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 24 0 1 13 1 0 0 0 0 0 0 0 0 0 0 0 0 X 11 11 0 0 0 0 1 1 0 1 1 0 0 1 1 1 1 1 1 0 0 0 MN X HENRY JIMENEZ 6127245336 804 MARGARET STREET SAINT PAUL MN 55106 CHRISTOPHER ROMANO CHAIR 1.00 X X 0 0 0 MARIA BOYLE VICE CHAIR 1.00 X X 0 0 0 CHRISTINA JENNINGS TREASURER 1.00 X X 0 0 0 URI CAMARENA SECRETARY 1.00 X X 0 0 0 MIGUEL GARATE DIRECTOR 1.00 X 0 0 0 VICTORIA BLANCO DIRECTOR 1.00 X 0 0 0 EDUARDO MOZQUEDA DIRECTOR 1.00 X 0 0 0 JOHN PACHECO DIRECTOR 1.00 X 0 0 0 AMBAR HANSON DIRECTOR 1.00 X 0 0 0 SONIA ORTEGA DIRECTOR 1.00 X 0 0 0 ANDRE GOODLET DIRECTOR 1.00 X 0 0 0 SUSANA DE LEON DIRECTOR (FORMER) 1.00 X 0 0 0 THOMAS PANTALION DIRECTOR (FORMER) 1.00 X 0 0 0 IRIS RAMOS DIRECTOR (FORMER) 1.00 X 0 0 0 RAMON LEON PRESIDENT AND CEO (FORMER) 40.00 X X 65416 0 14397 65416 0 14397 0 0 0 0 0 352881 371684 724565 RENTAL INCOME 532000 319101 319101 INTEREST ON LOANS 900099 160650 160650 OTHER INCOME 900099 23731 23731 PROGRAM FEES 900099 20335 20335 MEMBERSHIP DUES 900099 1900 1900 525717 12500 12170 330 330 1250612 525717 0 330 X 79813 63850 15963 255735 222045 28876 4814 2233 1581 531 121 84278 68358 14215 1705 30958 17357 12103 1498 10500 10500 25349 18748 6601 123493 123493 318632 189749 96695 32188 55640 47998 7282 360 205784 203237 1000 1547 14800 801 13999 8899 7500 1399 120954 120954 95549 93261 1960 328 21160 18512 2648 PROVISION FOR LOAN LOSS 187982 187982 MAINTENANCE AND REPAIRS 87812 86179 1399 234 BAD DEBT 68304 68304 PROGRAM SUPPLIES AND EQ 33751 33446 305 61088 33974 26334 780 1892714 1430486 402690 59538 1299335 918508 522200 197590 29128 9349 1716324 2180345 23402 16537 2613459 566959 2149611 2046500 190268 40693 5930268 5409522 75360 76849 2239 3167097 3156581 328831 349353 3573527 3582783 X -425074 -82245 2781815 1908984 2356741 1826739 5930268 5409522 -642102 -13411 125511 0 X X 0 1 X 1 0 X 2103002 2140717 2557303 2035086 726475 9562583 2103002 2140717 2557303 2035086 726475 9562583 703376 8859207 16489 42436 82034 81096 160650 382705 9945288 1820739 0.89080 0.89550 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 313608 313608 1859632 252288 1607344 170236 83191 87045 269983 231480 38503 2046500 SECURITY DEPOSITS 15937 DUE TO THE STATE OF MINNESOTA 249725 SCHOLARSHIP DONATION PAYABLE 83691 349353 X PART X, LINE 2: INCOME TAXES LEDC IS CLASSIFIED AS A TAX-EXEMPT ORGANIZATION UNDER INTERNAL REVENUE CODE SECTION 501(C)(3) AND APPLICABLE MINNESOTA STATUTES AND IS EXEMPT FROM PRIVATE FOUNDATION STATUS UNDER INTERNAL REVENUE CODE SECTION 509(A)(1), AND IS SUBJECT TO INCOME TAXES ONLY ON INCOME FROM ACTIVITIES THAT ARE NOT RELATED TO ITS EXEMPT PURPOSE. MANAGEMENT BELIEVES LEDC DID NOT HAVE ANY UNRELATED BUSINESS INCOME IN 2018. LOS LAGOS, LLC AND NORTHCOUNTRY PRODUCE, LLC ARE SINGLE MEMBER LLC'S. SINGLE MEMBER LLC'S ARE DISREGARDED FOR INCOME TAX REPORTING. ACCORDINGLY, THEIR ACTIVITY IS INCLUDED IN LEDC'S INCOME TAX RETURN. MANAGEMENT BELIEVES THAT IT HAS APPROPRIATE SUPPORT FOR ANY TAX POSITIONS TAKEN, AND AS SUCH, DOES NOT HAVE ANY UNCERTAIN TAX POSITIONS THAT ARE MATERIAL TO THE FINANCIAL STATEMENTS. THE COMPANY WOULD RECOGNIZE INTEREST AND PENALTIES AS INCOME TAX EXPENSE WHEN INCURRED. FORM 990, PART VI, SECTION A, LINE 6 MEMBERS OF LEDC CAN RECEIVE TECHNICAL ASSISTANCE DURING THE PROCESS OF STARTING A NEW BUSINESS OR DURING THE EXPANSION OF ONE ALREADY EXISTING THROUGH ADVISEMENT IN THE FOLLOWING AREAS: LEASING CONTRACTS NEGOTIATION; BUSINESS PURCHASE OR RENT NEGOTIATION; BUSINESS REGISTRATION TO THE SECRETARY OF STATE; ACCOUNTING SYSTEMS ESTABLISHMENT; ASSISTANCE REGARDING STATE PERMITS AND LICENSES; ASSISTANCE DURING DIAGRAM ELABORATION; INTERNET INVESTIGATION OF PROVIDERS AND DISTRIBUTORS; SEARCHING FOR POTENTIAL PROVIDERS; AND ASSISTANCE WITH LOAN PACKAGES. FORM 990, PART VI, SECTION A, LINE 7A THERE IS ONLY ONE CLASS OF VOTING RIGHTS. ALL MEMBERS HAVE ONE VOTE. THE MEMBERS ELECT THE MEMBERS OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B THE FINANCE COMMITTEE REVIEWS THE FORM 990 AND PRESENTS IT TO THE ENTIRE BOARD OF DIRECTORS, AT WHICH TIME A VOTE IS TAKEN TO APPROVE THE FORM 990. FORM 990, PART VI, SECTION B, LINE 12C BOARD MEMBERS ARE REQUIRED TO SIGN AND DOCUMENT ANNUALLY THEIR UNDERSTANDING AND COMPLIANCE WITH THE WRITTEN CONFLICT OF INTEREST POLICY. AT BOARD MEETINGS, POTENTIAL FOR CONFLICT OF INTEREST ISSUES ARE DISCUSSED WHENEVER APPLICABLE, IF NECESSARY. FORM 990, PART VI, SECTION C, LINE 19 THE 990 IS AVAILABLE FOR REVIEW ON GUIDESTAR.ORG. ADDITIONALLY, GOVERNING DOCUMENTS, CONFLICT ON INTEREST POLICIES, AND FINANCIAL STATEMENTS ARE AVAILABLE AT THE ORGANIZATION'S OFFICES UPON REQUEST. FORM 990, PART IX, LINE 11G CONSULTANT: PROGRAM SERVICE EXPENSES 188,711. MANAGEMENT AND GENERAL EXPENSES 94,895. FUNDRAISING EXPENSES 32,188. TOTAL EXPENSES 315,794. PROFESSIONAL SERVICES: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 1,800. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 1,800. OTHER PROFESSIONAL FEES: PROGRAM SERVICE EXPENSES 1,038. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 1,038. FORM 990, PART XII LINE 2C THE ORGANIZATION HAS A FINANCE COMMITTEE THAT REVIEWS, APPROVES AND PRESENTS THE AUDITED FINANCIAL STATEMENTS TO THE ENTIRE BOARD OF DIRECTORS FOR APPROVAL. THERE HAVE BEEN NO CHANGES IN THIS PROCESS FROM PRIOR YEARS. LOS LAGOS LLC 1501 EAST LAKE STREET LOWER LEVEL MINNEAPOLIS MN 55407 900680336 COMMERCIAL RENTAL REAL ESTATE FOR LATINOS MN 116997 745902 N/A NORTHCOUNTRY PRODUCE LLC 1516 E LAKE ST SUITE 201 MINNEAPOLIS MN 55407 371756530 COMMERCIAL KITCHEN FOR PROGRAM PARTICIPANTS MN 83163 121531 N/A EAST SIDE ENTERPRISE CENTER LLC 798 MARGARET STREET SAINT PAUL MN 55106 463309623 COMMERCIAL RENTAL REAL ESTATE MN LATINO ECONOMIC DEVELOPMENT CENTER RELATED -13443 403880 0 1 0.50000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 EAST SIDE ENTERPRISE CENTER LLC D 199171 CASH LESS ALLOWANCE ESEC K 35826 CASH